US Inflation Data Sparks Mixed Market Reaction, Oil Prices Rebound

Global stock markets experienced a mixed reaction to the release of US inflation data for July. The report showed that wholesale prices rose 4.7% year-over-year, which is lower than June's 5.5% increase and slightly better than economists' expectations.

The S&P 500 futures were little changed, while Dow Jones Industrial Average futures slipped 0.1%. This could potentially lead the Federal Reserve to hold off on interest rate hikes, as higher rates would help combat inflation but also slow down economic growth.

Oil prices rebounded after a day of decline, with Brent crude rising 1% to $87.96 per barrel and US benchmark crude surging 1.7% to $82.60 per barrel.